DHANALAKSHMI BANK vs SHRI VIKAS VASUDEVA on 19 September 2026

FINAL ORDER

This original application has been filed by the applicant on 13.07.2017 before DRT-III Delhi and then transferred to DRT-I Delhi under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendants for recovery of a sum of Rs.78,77,111.59 (Rupees Seventy Eight lacs Seventy Seven thousand One hundred Eleven & paisa Fifty Nine only) as on 12.07.2017 together with pendentelite and future interest @13.95% and @2% penal interest from 13.07.2017 along with costs.

2. The brief facts of the case are that at the request of defendant no.1 to 7 vide their loan application dated 12.01.2011 along with photocopy of Sale Deed dated 02.12.2009 of the property to show their bonafide for loan against property for loan transfer and Top Up amounting to Rs.90.00 lacs, the applicant bank sanctioned Loan against Property Loan of Rs.90,00,000/- (Rupees Ninety lacs only)

Sd-

@10.80% floating rate of interest per annum to be repaid in 120 EMIs of Rs.1,22,959/- w.e.f. 05.03.2011 against property being Flat No.2, Plot No.5, Pal Mohan Apartments, Club Road, West Punjabi Bagh, New Delhi on 31.01.2011 and disbursed the amount of Rs.89,06,145/- vide Cheque dated 31.01.2011 to ICICI Bank – defendant no.9 for taking over the liability as per request of defendant no.1 to 7.

3. In order to avail the loan against property facility, the defendant no.1 to 7 submitted loan application along with copy of title deed of property and executed Facility Agreement, Demand Promissory Note, DP Note cum Continuity Letter dated 31.01.2011 in favour of applicant bank.

4. After disbursal of loan by the applicant bank to defendant no.9, it came to notice that the defendant no.1 to 7 took delivery of original Title Deeds of property from ICICI Bank but did not deposited with the applicant bank and it is learns that they deposited the title deeds with State Bank of India, SME Branch being defendant no.8 to avail some credit facilities. The applicant vide its letter dated 07.07.2014 and reminder letter dated 02.05.2016 requested the defendants to deposit the title deeds of property in question but to no avail.

5. It has been submitted by the applicant that after availing the loan against property facility, the defendants defaulted in payment of EMIs due to which the account was running irregular and applicant bank was constrained to issue recall notice dated 20.12.2016 amounting to Rs.73,83,241.59 along with interest. The defendants in its reply dated 31.01.2017 admitted availing loan against property owned by defendant no.3 but stopped paying EMIs on the pretext of not granting loan of Rs.5.00 crores. Thereafter applicant bank vide letter sd - dated 17.02.2017 clarified / categorically denied the contents of letter dated 31.01.2017 and filed criminal complaint on 22.03.2017 with SHO Police Station, Karol Bagh, New Delhi. The defendants failed to keep account regular and neglected to pay the amount due thus, the applicant bank has approached this tribunal for recovery of its dues.

6. Notices of this O.A. were issued to the defendants and despite proper service including publication in newspaper, though defendant no.1, 5 and 6 filed their written statement but other defendant no.2 to 4 and 7 have chosen to absent from the proceedings. As per order dated 24.10.2018, the defendant no.1 to 7 have been proceeded ex-parte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed. The right of defendant no.8 to adduce evidence was closed vide order dated 06.03.2020 and defendant no.9 proceed ex-parte.

7. As per request of Inquiry Officer, Delhi Police vide application dated 02.03.2024, the original documents including account opening form, loan documents of recovery suit in OA No.50/2023 were handed over to applicant bank required in FIR No.389/20 dated 31.08.2020 u/s 420/34 IPC, P.S.Karol Bagh, New Delhi.

8. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Rajesh K Alex, authorized representative of the applicant who has proved the documents such as Board Resolution Ex.AW-1/1(OSR), Loan Application Ex.AW-1/2, Sanction Letter with terms & conditions Ex.AW-1/3, Facility Agreement Ex.AW-1/4, Demand Promissory Note Ex.AW-1/5, DP Note-cum-Continuity Letter Ex.AW-1/6, Letter seeking Disbursal Ex.AW-1/7, Letter dated 07.07.2014 Ex.AW- SD

1/8, Letter dated 02.05.2016 Ex.AW-1/9, Recall Notice Ex.AW-1/10, Letter dated 31.01.2017 Ex.AW-1/11, Letter dated 17.02.2017 Ex.AW-1/12, Complaint dated 22.03.2017 Ex.AW-1/13, Certified Statement of Account as per Bankers Book Evidence Act Ex.AW-1/14.

9. The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

10. The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

11. In the light of the above discussions, the Original Application deserves to be allowed.

**ORDER**

I, allow this OA and direct the defendant no.1 to 7 to pay to the applicant bank within 30 days, jointly or severally, a sum of Rs.78,77,111.59 (Rupees Seventy Eight lacs Seventy Seven thousand One hundred Eleven & paisa Fifty Nine only) as on 12.07.2017 together with pendentelite and future interest @13.95% per annum from 13.07.2017 till the date of realization along with costs. In case of shortfall, the aforesaid amount shall be recovered from the sale of movable and immovable property of the defendants.

(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

SD

(III) Parties are directed to appear before Recovery Officer, DRT I, Delhi on 18.11.2026.

(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

SD (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

(Dictated and pronounced in open court) Dated: 19.09.2026